Please support our drive to Fix CNBC and sign the petition. Jim Cramer finally commented on his much talked about appearance on The Daily Show after he was left sitting there, almost teary eyed and speechless when he was confronted by Jon Stewart face to face. His remarks on The Today Show just underscored how out of touch this man is and what lengths he'll go to distort the truth. (rough transcript)
Viera: ...you guys had been cheerleaders for the financial bubble, that you had also allowed CEO's to come on the shows and essentially lie to the American public without really challenging them. I don't want to rehash the whole thing, but did he have a point?
Cramer: I don't think so.
Viera: Not on any of this?
Cramer: Well I think it was a naive and misleading thing to attack the media. We weren't behind this. CNBC in particular has been out front on this"
Viera: So you don't think the media bears any responsibility, Jim?
Cramer: I think there are people that bear so much more responsibility that it's just wrong headed...
Sure, there were a lot of parties responsible for the meltdown of the economy, but that doesn't absolve the news media for turning a blind eye to it, Mr. Jim. Meredith Viera really asked the right questions so good for her and as Cramer bashes Jon Stewart I would like to ask this. Why was he such a coward on the Daily Show when he had the chance to confront Stewart?
Since Cramer became so outspoken about CNBC's role in the financial crisis, he and Rick Santelli are becoming the poster boy's for it, but Cramer has another huge credibility problem and his name is Lenny Dykstra. Cramer has a lot of juice in the Wall Street world and he promoted Lenny Dykstra like no other. On HBO he said this:
So much so that Lenny was posting his stock picks on The Street. Well, it's now being revealed that Dykstra is possibly a fraud.
(I've jumped around in the text that I quoted.)
Day trading deity Jim Cramer crowned him "One of the great ones in this business." Fortune magazine gushed for six pages over the "fledgling guru" of investing. HBO referred to him as a "prominent, remarkably successful stock investor."
The subject of this breathless coverage is Lenny Dykstra, a former New York Mets and Philadelphia Phillies outfielder who claims a 90%-plus return picking stocks each of the last three years. Yet a close look at Dykstra's portfolio raises doubts about whether the baseball All-Star turned TheStreet.com (nasdaq: TSCM - news - people ) guru has been picking many of those stocks or relying on a seasoned stand-in.
Ending his major league playing days in 1996, Dykstra says he handed his savings to a Wall Street broker who lost half of it when the market melted down a few years later. Dykstra was determined to start making his own investment calls and dove into the pursuit the same aggressive way he played baseball, following 30 investment newsletters at a time. In 2003 he began e-mailing CNBC money mouth Jim Cramer, who added Dykstra to TheStreet.com's stock-picking roster. Soon Dykstra was a financial talking head on Fox News and other channels.
Another reason Doubledown might have gotten cold feet about publishing Dykstra's investment gems is buried on page 15 of its countersuit. There, Doubledown claims, "At Dykstra's insistence, Doubledown began negotiations to pay Richard Suttmeier, a stock analyst, to provide Dykstra with research assistance for the Dykstra Report and who, upon information and belief learned subsequently, provided Dykstra lists of recommended stocks daily."
Who is Richard Suttmeier? A market strategist for financial Web site RightSide Advisors and formerly a contributor to RealMoney.com, a subscription Web site owned by TheStreet.com.
Suttmeier, 64, says he got his Wall Street start trading Treasurys in the 1970s. He later bounced around second-tier investment banks and landed at RightSide in 2006.
Suttmeier says that after he did a television appearance several years ago he received a call from Dykstra. "He wanted to learn how to read a [stock] chart," Suttmeier says. "I taught him."
Dykstra, who speaks in a slow drawl and now sports a hefty paunch, likewise denies that Suttmeier is picking his stocks. "It's a bald-faced lie. Not even close," he says during a brief interview.
Not even close? FORBES compared Dykstra's buy recommendations as they appeared on TheStreet.com from Apr. 1 through May 1 with those in Suttmeier's weekly Sector Report during the same month and before. Among Dykstra's 17 buys, 11 had appeared days earlier in Suttmeier's newsletter ( see table)...read on
You have to read this entire piece. And there's another article about him that's unflattering to say the least:
There's much more at Men.style.com.gq: YOU THINK YOUR JOB SUCKS? TRY WORKING FOR LENNY DYKSTRA
Jim Cramer wants to call Jon Stewart "naive" for attacking him and CNBC then what is he for promoting Lenny Dykstra? I think "naive" would be the wrong word to use, don't you?